Almost a year after launching its new agent payment system, Redfin announced that it is growing Redfin Next to agents nationwide, according to Monday’s announcement.
As of Oct. 27, all Redfin agents who sign up for the program will earn a commission split of up to 75%. They will also be reimbursed for nearly all of their business expenses, as well as receive expertise, support and benefits from Redfin. These agents will continue to be Redfin employees and not independent contractors.
“We are fully committed to Redfin Next because it has played a major role in transforming our business and driving our growth,” said Jason Aleem, Redfin’s chief real estate officer, in a statement.
“Redfin Next has given our agents the power to grow their businesses and open up the opportunity to earn more money, while encouraging other agent entrepreneurs to join us. Having the best agents in the industry is critical to our mission to make real estate better for buyers, and with Redfin Next, we know we can continue to grow our impact.”
Launching in October 2023 in San Francisco and Los Angeles, agents working in Redfin Next markets can earn up to 75% commission splits on transactions they generate themselves and up to 40% on customer leads they receive through the Redfin website.
Agents in Redfin’s Next pay program are W-2 employees who receive benefits, including health care, a matching 401(k), mileage, payments, technology tools and team support. They also have all marketing costs for the listing paid for – including photography, staging, yard signs and other collateral.
In December 2023, the Glenn Kelman-helmed company announced that it was expanding the salary structure in its markets of San Diego and Orange County, California. That was followed by a second expansion in March 2024 to seven more markets – including Chicago, Connecticut, Dallas, Miami, New York City, Washington, DC, and the growing South Florida base of Palm Beach.
In August, Redfin Next launched in 25 more markets. These include Austin; Boise, Idaho; on the coast of North Carolina; Columbus, Ohio; Denver; Fort Myers, Florida; Grand Rapids, Michigan; Indianapolis; Inland Empire, California; Kansas City, Missouri; Memphis; Minneapolis; Nashville; New Mexico; Palm Springs, California; Portland, Oregon; Raleigh; Sacramento; Salt Lake City; San Antonio; Seattle, Spokane, Washington; Louis; and Virginia.
In addition to expanding Redfin Next, the company said it plans to hire “hundreds more” agents in the coming months. The brokerage said the program has already helped it hire hundreds of agents in Redfin Next markets.
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